Notice is hereby given that the Municipal Officers of the Town of Glenburn will hold a public hearing on Thursday, October 20, 2016 at 7:00 p.m. at the Glenburn Town Office at 144 Lakeview Road, Glenburn, Maine, to hear public comments on the following articles to be voted on at the November 8, 2016 Special Town Meeting:
ARTICLE 1. To elect a Moderator to preside at said meeting.
ARTICLE 2. Do you favor to:
(1) Approve the design, construction and equipping of a new municipal building, including, as may be necessary, demolition and other site work (the "Project");
(2) Appropriate a sum not to exceed $2,000,000 for the costs of the Project;
(3) To fund the appropriation in (2) above as follows:
(a) authorize the Town Council to appropriate from the Unassigned Fund Account the sum of $500,000 to be deposited in the Municipal Building Reserve Account and to authorize the Town Council on behalf of the Town to expend those funds for the Municipal Building Reserve Account's intended purposes, including the Project.
(b) authorize the Treasurer and the Town Council to issue, at one time or from time to time, general obligation securities of the Town of Glenburn, Maine, including temporary notes in anticipation of the sale thereof and future refunding obligations, in an aggregate principal amount not to exceed $1,000,000, and to delegate to the Treasurer and the Town Council the authority and discretion to fix the date(s), maturity(ies), denomination(s), interest rate(s), place(s) of payment, call(s) for redemption, current or advance refunding(s) of the securities, form(s), and other details of said securities, including execution and delivery of said securities against payment therefore, execution of certificates, loan agreements and any other documents reasonably related thereto, and to provide for the sale thereof.
FINANCIAL STATEMENT
Total Town Indebtedness:
1. Bonds outstanding and unpaid: $3,458,773.00
2. Bonds authorized and unissued: $ -
3. Bonds to be issued if this Article is approved: $ 1,000,000.00
Total: $ 4,458,773.00
Costs:
At an estimated interest rate of 2.51% for an estimated twenty (20) - year maturity, the estimated costs of this bond issue will be:
Principal: $ 1,000,000.00
Interest: $ 331,501.16
Total Estimated Debt Service: $ 1,331,501.16
Validity: The validity of the bonds and the voters' ratification of the bonds may not be affected by any errors in the above estimates. If the actual amount of the total debt service for the bond issue varies from the estimate, the ratification by the electors is nevertheless conclusive and the validity of the bond issue is not affected by reason of the variance.
Michael Crooker, Treasurer
Town of Glenburn
ARTICLE 3. Shall the Town continue to provide and fund public library services for citizens and students outside of school hours?
The public is encouraged to attend and comment. Written comments will be accepted until 5 P.M. of the day of the hearing. Written comments should be mailed to:
Glenburn Town Office ATTN: Michael Crooker 144 Lakeview Road, Glenburn, ME 04401. Any citizen who wishes to participate in this meeting and who needs special accommodations due to a disability should contact the town office immediately at 942-2905 to make arrangements.
Oct. 12, 2016
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